Germany Role in Europe Stability Mechanism Upheld
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Germany’s top court rejected lawsuits seeking to block the country’s participation in the European Stability Mechanism, a key part of the euro area’s response to the debt crisis.
The Federal Constitutional Court in Karlsruhe today dismissed the challenges to the 500 billion-euro ($700 billion) ESM with only minor caveats to ensure the country doesn’t lose its voting rights on the ESM’s governing board.